DTN Early Word Opening Livestock 03/24 06:18

DTN Early Word Opening Livestock 03/24 06:18 Meat Futures Likely to Open with Mixed Prices Look for the cattle complex to open on a mixed basis this morning as traders position ahead of cash news and the March 1 on feed report. Lean hog issues should also being with uneven price actions thanks to follow-through buying on one hand and nervousness over pork demand. By John Harrington DTN Livestock Analyst Cattle: $2-4 HR Futures: mixed Live Equiv $150.36 - 0.24* Hogs: Steady-$1 LR Futures: mixed Lean Equiv $ 82.90 - $1.55** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: It's been weeks since cattle buyers and sellers have backed themselves into the 11th hour. Yet here we are. Light biz surfaced in part of the North on Thursday, but for the most part the country trade remains untested. Asking prices this morning should be restated around $132-134 in the South and $217-218 plus in the North. March 1 on feed report is set to be unveiled this afternoon at 2:00 CDT. Average trade guesses anticipate the following: on feed, 100-101 percent; placed in February, 98-99 percent; marketed in February, 103-104 percent. Live and feeder futures should open on a mixed basis as bulls and bears posturing before the development of feedlot cash and the release of new on-feed data.